Nasdaq 100 ETF falls 6.49% as US equity ETFs lead broad selloff

The magnitude of the tech-led drawdown, with the Nasdaq 100 ETF's loss far outpacing the Dow ETF's, points to a rotation out of growth rather than a uniform risk-off move. The standout is the volatility fund's outsized gain alongside modest gold and Brent strength, suggesting hedging demand concentrated in volatility rather than broad commodity or safe-haven flows. The open question is whether this defensive bid persists or fades, and whether the growth-to-value gap keeps widening.